In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the January 11th session.
Bitcoin/USD — As you can see on the daily chart, we have seen quite a bit of volatility in bitcoin and with that being the case we dropped towards this uptrend line. Then we turned around to form a hammer. Breaking above the top of the hammer, above the $15,000 level should send this market to $17,000. A breakdown below the bottom of the candle down to $12,000. The next 24 hours should be very important.
Bitcoin/JPY — Bitcoin/yen has drifted a little bit lower finding a bit of support at the 20-period MA. But this market may move a little bit differently because the Japanese yen has picked up a lot of strength based upon the concept or the idea that perhaps the Bank of Japan is going to step away from quantitative easing. They have said that before in the past and they never really quite get around to it. So, with that being the case, I don’t read too much into it. But we may have to drop down a little bit lower. I think that the floor is about the 1.50 million yen level.
© Prabhu for Forex Videos, 2018. |
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